Oil resumes rally as Russia-Ukraine tensions stay high | Reuters
"The market has been reflective of what the situation has been and what it could be, which is ambiguity from one day to the next," said Edward Morse, global head of commodities research at Citi.
Oil was supported by weekly data that showed U.S. fuel demand holding at record highs, while crude inventories at the Cushing, Oklahoma, storage hub and delivery point for U.S. futures dropped to their lowest since September 2018.
Brent crude settled up $1.52, or 1.6%, to $94.81 a barrel. U.S. West Texas Intermediate (WTI) crude ended up $1.59, or 1.7%, to $93.66, pulling back from the day's high of $95.01 a barrel.
On Monday, both benchmarks hit their highest since September 2014, with Brent touching $96.78 and WTI reaching $95.82.
Wednesday 16 February 2022
#Iran Visits Former Oil Buyers in Korea as Nuclear Accord Beckons - Bloomberg
Iran Visits Former Oil Buyers in Korea as Nuclear Accord Beckons - Bloomberg
Iran appears to be taking steps for its official return to the international oil market after more than three years.
Officials from state-owned National Iranian Oil Co. are meeting at least two South Korean refiners to discuss a potential return of supply from the Persian Gulf producer, according to people with knowledge of the talks. The discussions are at a preliminary stage with volumes and a possible timeline yet to be specified, one of the people said.
South Korea used to be one of the biggest buyers of Iran’s ultra-light oil. The move comes as the Islamic state said it’s rushing to get a good nuclear deal in negotiations in Vienna and the European Union’s top diplomat said that he believed an accord was “in sight.” An agreement between Iran and world powers would allow the return of 500,000 barrels a day of oil to international markets in April to May, eventually rising to 1.3 million barrels by year-end, according to Citigroup Inc.
An Iranian delegation made up of officials from the central bank, oil ministry and the NIOC are in Seoul on Feb. 15-16 for working-level talks that would touch upon financial and oil-related matters, according to a statement on the South Korean foreign ministry’s website. The two nations were planning to target talks over Iran’s frozen assets in the Asian country, Yonhap reported on Jan. 29.
South Korea imported as much as 18.5 million barrels a month from Iran before U.S. sanctions in 2018. While the biggest buyers of Iranian oil including Korea were able to continue purchases thanks to waivers, these weren’t renewed and imports halted in the first half of 2019.
Iran appears to be taking steps for its official return to the international oil market after more than three years.
Officials from state-owned National Iranian Oil Co. are meeting at least two South Korean refiners to discuss a potential return of supply from the Persian Gulf producer, according to people with knowledge of the talks. The discussions are at a preliminary stage with volumes and a possible timeline yet to be specified, one of the people said.
South Korea used to be one of the biggest buyers of Iran’s ultra-light oil. The move comes as the Islamic state said it’s rushing to get a good nuclear deal in negotiations in Vienna and the European Union’s top diplomat said that he believed an accord was “in sight.” An agreement between Iran and world powers would allow the return of 500,000 barrels a day of oil to international markets in April to May, eventually rising to 1.3 million barrels by year-end, according to Citigroup Inc.
An Iranian delegation made up of officials from the central bank, oil ministry and the NIOC are in Seoul on Feb. 15-16 for working-level talks that would touch upon financial and oil-related matters, according to a statement on the South Korean foreign ministry’s website. The two nations were planning to target talks over Iran’s frozen assets in the Asian country, Yonhap reported on Jan. 29.
South Korea imported as much as 18.5 million barrels a month from Iran before U.S. sanctions in 2018. While the biggest buyers of Iranian oil including Korea were able to continue purchases thanks to waivers, these weren’t renewed and imports halted in the first half of 2019.
Oil resumes rally as Russia-Ukraine tensions stay high | Reuters
Oil resumes rally as Russia-Ukraine tensions stay high | Reuters
"The market remains extremely tight and prices had been on an upward trajectory prior to the escalation. The softening of tensions may have only delayed the march to $100," said Craig Erlam, senior market analyst at OANDA.
The market was also supported by weekly data showed U.S. fuel demand holding at record highs, while crude inventories at the Cushing, Oklahoma, storage hub and delivery point for U.S. futures dropped to their lowest since September 2018.
Brent crude was up $2.71, or 2.9%, at $95.98 a barrel at 11:02 a.m. EST (1602 GMT), paring most of Tuesday's 3.3% drop after Russia announced a partial pullback of its troops near Ukraine.
U.S. West Texas Intermediate (WTI) crude was up $2.83, or 3.1%, at $94.90 after the contract ended Tuesday's session with a 3.6% decline.
Both benchmarks hit their highest since September 2014 on Monday, with Brent touching $96.78 and WTI reaching $95.82.
"The market remains extremely tight and prices had been on an upward trajectory prior to the escalation. The softening of tensions may have only delayed the march to $100," said Craig Erlam, senior market analyst at OANDA.
The market was also supported by weekly data showed U.S. fuel demand holding at record highs, while crude inventories at the Cushing, Oklahoma, storage hub and delivery point for U.S. futures dropped to their lowest since September 2018.
Brent crude was up $2.71, or 2.9%, at $95.98 a barrel at 11:02 a.m. EST (1602 GMT), paring most of Tuesday's 3.3% drop after Russia announced a partial pullback of its troops near Ukraine.
U.S. West Texas Intermediate (WTI) crude was up $2.83, or 3.1%, at $94.90 after the contract ended Tuesday's session with a 3.6% decline.
Both benchmarks hit their highest since September 2014 on Monday, with Brent touching $96.78 and WTI reaching $95.82.
Oil prices recoup losses as Russia-Ukraine tensions stay high | Reuters
Oil prices recoup losses as Russia-Ukraine tensions stay high | Reuters
Oil prices recouped losses on Wednesday as investors weighed conflicting statements on the possible withdrawal of some Russian troops from around Ukraine amid tight global supplies and recovering fuel demand.
Brent crude was up $1.53, or 1.6%, at $94.81 a barrel around 1320 GMT, having slid 3.3% overnight after Russia announced a partial pullback of its troops near Ukraine.
U.S. West Texas Intermediate (WTI) crude was up $1.31, or 1.4%, at $93.38 after the contract ended Tuesday's session with a 3.6% decline.
Both benchmarks hit their highest since September 2014 on Monday, with Brent touching $96.78 and WTI reaching $95.82.
The price of Brent jumped 50% in 2021 while WTI soared by about 60% as a global recovery in demand from the COVID-19 pandemic strained supplies.
Oil prices recouped losses on Wednesday as investors weighed conflicting statements on the possible withdrawal of some Russian troops from around Ukraine amid tight global supplies and recovering fuel demand.
Brent crude was up $1.53, or 1.6%, at $94.81 a barrel around 1320 GMT, having slid 3.3% overnight after Russia announced a partial pullback of its troops near Ukraine.
U.S. West Texas Intermediate (WTI) crude was up $1.31, or 1.4%, at $93.38 after the contract ended Tuesday's session with a 3.6% decline.
Both benchmarks hit their highest since September 2014 on Monday, with Brent touching $96.78 and WTI reaching $95.82.
The price of Brent jumped 50% in 2021 while WTI soared by about 60% as a global recovery in demand from the COVID-19 pandemic strained supplies.
#AbuDhabi index hits record high, #Saudi at 16-year high | Reuters
Abu Dhabi index hits record high, Saudi at 16-year high | Reuters
Gulf bourses rose on Wednesday, with Abu Dhabi's main index (.FTFADGI) touching a record high and Saudi Arabia's benchmark index (.TASI) hitting its highest in 16 years, tracking global positive sentiment.
World stocks crept higher for the second day in a row, and safe-haven assets such as government bonds and gold lost ground, despite Western scepticism over Russian claims of a troop pullback from Ukraine's borders.
While immediate war fears waned - Russia published video that it said showed tanks and military vehicles leaving annexed Crimea - tensions remain high.
In Abu Dhabi, the index (.FTFADGI) advanced 0.7% to a record high of 9,202.
Saudi Arabia's benchmark index (.TASI) closed up 1.2% at its highest since July 2006.
"The Saudi stock market recorded an increase today supported by the strong oil prices and the IPO of Elm. New listings continue to attract new capital and boost liquidity on the market," said Eman AlAyyaf, CEO of EA Trading.
Zain Saudi (7030.SE) shares rose 3.6%, after the telecommunications company on Tuesday approved final offers to buy stakes in Zain KSA's Towers Infrastructure.
Shares of Saudi Arabian digital security firm Elm surged 30%, the maximum daily price fluctuation limits set for the first three trading days, to 166.4 riyals per share in their stock market debut.
Dubai's main share index (.DFMGI) rose 1.4%, marking its best day since Dec 6.
Shares of National Central Cooling Company PJSC (Tabreed) (TABR.DU) were nearly flat after rising through the day.
Its Chief Executive Officer Khalid Abdulla Al Marzooqi said in an interview with Al Arabiya TV that the company was considering an acquisition in Oman and expanding into Egyptian and other Gulf markets. read more
Emaar Properties (EMAR.DU) rose 3% in its biggest intraday percentage gain since Nov. 29.
The Qatari index (.QSI) ended 0.3% higher, driven by Qatar Fuel and Ooredoo .
Outside the Gulf, Egypt's blue-chip index (.EGX30) ended flat.
Gulf bourses rose on Wednesday, with Abu Dhabi's main index (.FTFADGI) touching a record high and Saudi Arabia's benchmark index (.TASI) hitting its highest in 16 years, tracking global positive sentiment.
World stocks crept higher for the second day in a row, and safe-haven assets such as government bonds and gold lost ground, despite Western scepticism over Russian claims of a troop pullback from Ukraine's borders.
While immediate war fears waned - Russia published video that it said showed tanks and military vehicles leaving annexed Crimea - tensions remain high.
In Abu Dhabi, the index (.FTFADGI) advanced 0.7% to a record high of 9,202.
Saudi Arabia's benchmark index (.TASI) closed up 1.2% at its highest since July 2006.
"The Saudi stock market recorded an increase today supported by the strong oil prices and the IPO of Elm. New listings continue to attract new capital and boost liquidity on the market," said Eman AlAyyaf, CEO of EA Trading.
Zain Saudi (7030.SE) shares rose 3.6%, after the telecommunications company on Tuesday approved final offers to buy stakes in Zain KSA's Towers Infrastructure.
Shares of Saudi Arabian digital security firm Elm surged 30%, the maximum daily price fluctuation limits set for the first three trading days, to 166.4 riyals per share in their stock market debut.
Dubai's main share index (.DFMGI) rose 1.4%, marking its best day since Dec 6.
Shares of National Central Cooling Company PJSC (Tabreed) (TABR.DU) were nearly flat after rising through the day.
Its Chief Executive Officer Khalid Abdulla Al Marzooqi said in an interview with Al Arabiya TV that the company was considering an acquisition in Oman and expanding into Egyptian and other Gulf markets. read more
Emaar Properties (EMAR.DU) rose 3% in its biggest intraday percentage gain since Nov. 29.
The Qatari index (.QSI) ended 0.3% higher, driven by Qatar Fuel and Ooredoo .
Outside the Gulf, Egypt's blue-chip index (.EGX30) ended flat.
Oil prices recoup losses as Russia-Ukraine tensions stay high | Reuters
Oil prices recoup losses as Russia-Ukraine tensions stay high | Reuters
Oil prices recouped losses on Wednesday as investors weighed conflicting statements on the possible withdrawal of some Russian troops from around Ukraine amid tight global supplies and recovering fuel demand.
Brent crude was up $1.37, or 1.5%, at $94.65 a barrel around 1200 GMT, having slid 3.3% overnight after Russia announced a partial pullback of its troops near Ukraine.
U.S. West Texas Intermediate (WTI) crude was up $1.27, or 1.4%, at $93.34 after the contract ended Tuesday's session with a 3.6% decline.
Both benchmarks hit their highest since September 2014 on Monday, with Brent touching $96.78 and WTI reaching $95.82.
The price of Brent jumped 50% in 2021 while WTI soared by about 60% as a global recovery in demand from the COVID-19 pandemic strained supplies.
Oil prices recouped losses on Wednesday as investors weighed conflicting statements on the possible withdrawal of some Russian troops from around Ukraine amid tight global supplies and recovering fuel demand.
Brent crude was up $1.37, or 1.5%, at $94.65 a barrel around 1200 GMT, having slid 3.3% overnight after Russia announced a partial pullback of its troops near Ukraine.
U.S. West Texas Intermediate (WTI) crude was up $1.27, or 1.4%, at $93.34 after the contract ended Tuesday's session with a 3.6% decline.
Both benchmarks hit their highest since September 2014 on Monday, with Brent touching $96.78 and WTI reaching $95.82.
The price of Brent jumped 50% in 2021 while WTI soared by about 60% as a global recovery in demand from the COVID-19 pandemic strained supplies.
Rebounding from COVID, #Israel economy grows 8.1% in 2021, fastest pace in 21 years | Reuters
Rebounding from COVID, Israel economy grows 8.1% in 2021, fastest pace in 21 years | Reuters
Israel's economy grew at its fastest pace in 21 years in 2021, bouncing back amid double-digit gains in consumer spending, exports and investment after a very weak 2020 that was stifled by the coronavirus pandemic.
The economy grew 8.1% last year, the Central Bureau of Statistics said on Wednesday, well above the Bank of Israel's forecast of 6.5% and a sharp rebound from a 2.2% contraction in 2020.
The bureau noted growth in Israel last year was one of the strongest globally and compared with an OECD average of 5.3%.
The central bank projects growth of 5.5% in 2022. It has said it is in no rush to start raising short-term interest rates but that faster than expected growth and rising inflation could prod policymakers to join hikes by peers in the United States and Europe.
Israel's economy grew at its fastest pace in 21 years in 2021, bouncing back amid double-digit gains in consumer spending, exports and investment after a very weak 2020 that was stifled by the coronavirus pandemic.
The economy grew 8.1% last year, the Central Bureau of Statistics said on Wednesday, well above the Bank of Israel's forecast of 6.5% and a sharp rebound from a 2.2% contraction in 2020.
The bureau noted growth in Israel last year was one of the strongest globally and compared with an OECD average of 5.3%.
The central bank projects growth of 5.5% in 2022. It has said it is in no rush to start raising short-term interest rates but that faster than expected growth and rising inflation could prod policymakers to join hikes by peers in the United States and Europe.
Oil prices recoup losses as Russia-Ukraine tensions stay high | Reuters
Oil prices recoup losses as Russia-Ukraine tensions stay high | Reuters
Oil prices recouped losses on Wednesday as investors weighed conflicting statements on the possible withdrawal of some Russian troops from around Ukraine amid tight global supplies and recovering fuel demand.
Brent traded at $93.86 a barrel around 1000 GMT, up 62 cents, or 0.6%, having slid 3.3% overnight after Russia announced a partial pullback of its troops near Ukraine.
U.S. West Texas Intermediate (WTI) crude was at $92.64 a barrel, up 62 cents, or 0.6%, after the contract ended Tuesday's session down 3.6%.
Both benchmarks hit their highest since September 2014 on Monday, with Brent touching $96.78 and WTI reaching $95.82.
The price of Brent jumped 50% in 2021, while WTI soared about 60%, as a global recovery in demand from the COVID-19 pandemic strained supply.
Oil prices recouped losses on Wednesday as investors weighed conflicting statements on the possible withdrawal of some Russian troops from around Ukraine amid tight global supplies and recovering fuel demand.
Brent traded at $93.86 a barrel around 1000 GMT, up 62 cents, or 0.6%, having slid 3.3% overnight after Russia announced a partial pullback of its troops near Ukraine.
U.S. West Texas Intermediate (WTI) crude was at $92.64 a barrel, up 62 cents, or 0.6%, after the contract ended Tuesday's session down 3.6%.
Both benchmarks hit their highest since September 2014 on Monday, with Brent touching $96.78 and WTI reaching $95.82.
The price of Brent jumped 50% in 2021, while WTI soared about 60%, as a global recovery in demand from the COVID-19 pandemic strained supply.
Tight supplies lift Mideast and Russian crude grades to multi-year highs | Reuters
Tight supplies lift Mideast and Russian crude grades to multi-year highs | Reuters
Middle East benchmark Dubai crude soared to a record this week while spot premiums for April-loading Russian oil jumped to their highest in more than two years in Asia, trade sources said on Wednesday as prices returned to pre-pandemic levels.
The global supply-demand balance has tightened as the Organization of the Petroleum Exporting Countries and its allies are lagging behind commitments to increase output by 400,000 barrels per day each month. read more
Demand, meantime, is robust as refiners globally are cranking up operations to reap higher margins on gasoline and diesel.
The Russia-Ukraine crisis has also boosted Brent prices, pushing the benchmark's premium to Dubai to its highest since 2013 this week.
Middle East benchmark Dubai crude soared to a record this week while spot premiums for April-loading Russian oil jumped to their highest in more than two years in Asia, trade sources said on Wednesday as prices returned to pre-pandemic levels.
The global supply-demand balance has tightened as the Organization of the Petroleum Exporting Countries and its allies are lagging behind commitments to increase output by 400,000 barrels per day each month. read more
Demand, meantime, is robust as refiners globally are cranking up operations to reap higher margins on gasoline and diesel.
The Russia-Ukraine crisis has also boosted Brent prices, pushing the benchmark's premium to Dubai to its highest since 2013 this week.
Watch #Qatar's Doha Bank Looking at Green Bonds - Bloomberg video
Watch Qatar's Doha Bank Looking at Green Bonds - Bloomberg
Doha Bank hopes for “clear mandate” on green bond issuance before the end of this year. That’s according to Chief Executive Officer Raghavan Seetharaman. He also says markets are overly speculative in expecting 6-7 rate hikes by the Fed; the “overall economic momentum” doesn’t warrant so much monetary tightening, and that 3-4 Fed hikes would be more “realistic.” Seetharaman speaks exclusively with Yousef Gamal El-Din on "Bloomberg Daybreak: Middle East." (Source: Bloomberg)
Watch Chandrasekaran on #Saudi economy, rate hikes, oil prices - Bloomberg video
Watch Chandrasekaran on Saudi economy, rate hikes, oil prices - Bloomberg
Aarthi Chandrasekaran - Senior Vice President, Fund Manager at Shuaa Asset Management discusses Saudi Arabia's economy. Saudi's benchmark equity index closed at its highest level since July 2006, with gains fueled by elevated commodity prices and strong earnings. The gauge is the world's eighth-best performing benchmark so far this year on a dollar-basis. She speaks with Yousef Gamal El-Din and Manus Cranny on "Bloomberg Daybreak: Middle East." (Source: Bloomberg)
Brookfield, CVC, Wealth Funds Eye Stake in Alshaya's Starbucks Franchise - Bloomberg
Brookfield, CVC, Wealth Funds Eye Stake in Alshaya's Starbucks Franchise - Bloomberg
Brookfield Asset Management Inc. and CVC Capital Partners, alongside sovereign wealth funds, are among parties that made first-round bids for a minority stake in Kuwaiti conglomerate Alshaya Group’s Starbucks Corp. franchise, according to people familiar with the matter.
Abu Dhabi’s ADQ and Mubadala Investment Co. and Saudi Arabia’s Public Investment Fund also submitted separate non-binding offers to buy a 30% stake in the business in recent weeks, the people said, asking not to be named because the information is private.
The owners have indicated they value the business at $15 billion but prospective buyers expect bids to value it closer to around $11 billion, the people said. JPMorgan Chase & Co. is handling the sale on behalf of Alshaya, Bloomberg News previously reported.
The Starbucks business offers potential buyers instant access to around 1,700 outlets in 14 markets that span some of the biggest emerging economies, from Saudi Arabia to Russia and Turkey.
Brookfield Asset Management Inc. and CVC Capital Partners, alongside sovereign wealth funds, are among parties that made first-round bids for a minority stake in Kuwaiti conglomerate Alshaya Group’s Starbucks Corp. franchise, according to people familiar with the matter.
Abu Dhabi’s ADQ and Mubadala Investment Co. and Saudi Arabia’s Public Investment Fund also submitted separate non-binding offers to buy a 30% stake in the business in recent weeks, the people said, asking not to be named because the information is private.
The owners have indicated they value the business at $15 billion but prospective buyers expect bids to value it closer to around $11 billion, the people said. JPMorgan Chase & Co. is handling the sale on behalf of Alshaya, Bloomberg News previously reported.
The Starbucks business offers potential buyers instant access to around 1,700 outlets in 14 markets that span some of the biggest emerging economies, from Saudi Arabia to Russia and Turkey.
#Saudi British Bank's Q4 net profit drops 26% as provisions climb | ZAWYA MENA Edition
Saudi British Bank's Q4 net profit drops 26% as provisions climb | ZAWYA MENA Edition
Saudi British Bank's (SABB) net profit slumped 26 percent to 595 million riyals ($159 million) for the fourth quarter of 2021 compared to 801 million riyals for the same period last year as provisions for expected credit losses (ECL) mounted.
This compares with a net profit of 1.03 billion riyals it made in the prior quarter, SABB said in a filing on Saudi Tadawul on Wednesday.
The effort missed average analysts estimate of 737 million riyals, according to Refinitiv.
In Q4, provision for ECL was 414 million riyals versus 32 million riyals in the year-ago period. In Q3-2021 it was 13 million riyals. According to SABB, the current quarter reflected increased charges against certain corporate customers.
For the full year 2021, SABB made a net profit of 3.20 billion riyals versus a net loss of 4.16 billion riyals in 2020. This came below the average analyst estimate of 3.57 billion riyals.
The bank, in which HSBC Holdings has a 31 percent stake, said this was primarily driven by lower provision for ECL of 454 million riyals.
Total operating expenses were 3.7 billion riyals compared with 4.2 billion riyals for the last year.
An increase in share in earnings of associates also contributed to the pivot to profitability. This was partially offset by a decrease in total operating income mainly driven by lower net special income by 17 percent, the bank said.
Saudi British Bank's (SABB) net profit slumped 26 percent to 595 million riyals ($159 million) for the fourth quarter of 2021 compared to 801 million riyals for the same period last year as provisions for expected credit losses (ECL) mounted.
This compares with a net profit of 1.03 billion riyals it made in the prior quarter, SABB said in a filing on Saudi Tadawul on Wednesday.
The effort missed average analysts estimate of 737 million riyals, according to Refinitiv.
In Q4, provision for ECL was 414 million riyals versus 32 million riyals in the year-ago period. In Q3-2021 it was 13 million riyals. According to SABB, the current quarter reflected increased charges against certain corporate customers.
For the full year 2021, SABB made a net profit of 3.20 billion riyals versus a net loss of 4.16 billion riyals in 2020. This came below the average analyst estimate of 3.57 billion riyals.
The bank, in which HSBC Holdings has a 31 percent stake, said this was primarily driven by lower provision for ECL of 454 million riyals.
Total operating expenses were 3.7 billion riyals compared with 4.2 billion riyals for the last year.
An increase in share in earnings of associates also contributed to the pivot to profitability. This was partially offset by a decrease in total operating income mainly driven by lower net special income by 17 percent, the bank said.
#Saudi Aramco's transfer to PIF is credit positive - Moody's | ZAWYA MENA Edition
Saudi Aramco's transfer to PIF is credit positive - Moody's | ZAWYA MENA Edition
Saudi Aramco’s transfer of four percent of its ownership of the company to the kingdom’s Public Investment Fund (PIF) is credit positive, according to ratings agency Moody’s.
The share transfer is credit positive for the PIF because it increases its assets under management, improves its sector diversification and adds an asset that regularly pays dividends to its portfolio, the agency said in a report on Tuesday.
The transfer reflects the fund’s importance to Saudi Arabia and its key role in implementing the country’s Vision 2030.
“The transaction required no payments to Saudi Arabia from PIF and is therefore akin to an equity injection,” Moody’s said.
PIF’s assets under management will increase by SAR296.4 billion ($79 billion) or 20 percent versus year-end 2020 following the transfer, based on Saudi Aramco’s market capitalisation as of 13 February, the global ratings agency noted.
“Saudi Aramco is a regular dividend payer and has had a strong commitment to pay at least $75 billion in annual dividends, which will result in additional dividend income of SAR11.25 billion ($3 billion) per year,” Moody’s said.
“The transfer reflects Saudi Arabia's commitment to PIF. Since a change in oversight in 2015 to the Council of Economic and Development Affairs from the Ministry of Finance, the fund has received regular asset transfers from Saudi Arabia, and we expect additional contributions in the future,” the ratings agency noted.
Saudi Aramco’s transfer of four percent of its ownership of the company to the kingdom’s Public Investment Fund (PIF) is credit positive, according to ratings agency Moody’s.
The share transfer is credit positive for the PIF because it increases its assets under management, improves its sector diversification and adds an asset that regularly pays dividends to its portfolio, the agency said in a report on Tuesday.
The transfer reflects the fund’s importance to Saudi Arabia and its key role in implementing the country’s Vision 2030.
“The transaction required no payments to Saudi Arabia from PIF and is therefore akin to an equity injection,” Moody’s said.
PIF’s assets under management will increase by SAR296.4 billion ($79 billion) or 20 percent versus year-end 2020 following the transfer, based on Saudi Aramco’s market capitalisation as of 13 February, the global ratings agency noted.
“Saudi Aramco is a regular dividend payer and has had a strong commitment to pay at least $75 billion in annual dividends, which will result in additional dividend income of SAR11.25 billion ($3 billion) per year,” Moody’s said.
“The transfer reflects Saudi Arabia's commitment to PIF. Since a change in oversight in 2015 to the Council of Economic and Development Affairs from the Ministry of Finance, the fund has received regular asset transfers from Saudi Arabia, and we expect additional contributions in the future,” the ratings agency noted.
#Turkey gives initial price guidance of 7.5-7.625% for benchmark USD sukuk - document | Reuters
Turkey gives initial price guidance of 7.5-7.625% for benchmark USD sukuk - document | Reuters
Turkey on Wednesday gave initial price guidance of between 7.5% and 7.625% for U.S. dollar-denominated sukuk, a bank document showed.
Citigroup, Dubai Islamic Bank, HSBC and KFH Capital are arranging the debt sale expected to launch later on Wednesday, the document from showed.
Turkey has seen as sharp fall in its currency which fell 44% last year, battered by rising inflation, unorthodox monetary policies and anxiety around political intrusion in policy making.
Turkey on Wednesday gave initial price guidance of between 7.5% and 7.625% for U.S. dollar-denominated sukuk, a bank document showed.
Citigroup, Dubai Islamic Bank, HSBC and KFH Capital are arranging the debt sale expected to launch later on Wednesday, the document from showed.
Turkey has seen as sharp fall in its currency which fell 44% last year, battered by rising inflation, unorthodox monetary policies and anxiety around political intrusion in policy making.
Real Estate: #Dubai Takes On Property Glut in ‘Big Way’ But Has Yet to Deliver - Bloomberg
Real Estate: Dubai Takes On Property Glut in ‘Big Way’ But Has Yet to Deliver - Bloomberg
Dubai is finally choking off the glut of properties that’s plagued the market for years, according to one of the city’s top builders, though numbers hardly show it.
A government committee set up before the pandemic enlisted some of Dubai’s largest developers as members to try to manage supply and demand in the property market and ensure that state-owned businesses don’t crowd out private builders. Little clarity has emerged since then on how it will deliver results.
But in a rare glimpse into the panel’s inner workings, Farhad Azizi, chief executive officer of Azizi Developments, said its efforts have focused on making it more expensive for developers to launch new projects.
“That committee has brought changes in a big way,” he said in an interview. “They have made it more difficult for anybody to just become a developer.”
Dubai is finally choking off the glut of properties that’s plagued the market for years, according to one of the city’s top builders, though numbers hardly show it.
A government committee set up before the pandemic enlisted some of Dubai’s largest developers as members to try to manage supply and demand in the property market and ensure that state-owned businesses don’t crowd out private builders. Little clarity has emerged since then on how it will deliver results.
But in a rare glimpse into the panel’s inner workings, Farhad Azizi, chief executive officer of Azizi Developments, said its efforts have focused on making it more expensive for developers to launch new projects.
“That committee has brought changes in a big way,” he said in an interview. “They have made it more difficult for anybody to just become a developer.”
IPO News: #Saudi Digital Security Firm Elm Soars in Riyadh Trading Debut - Bloomberg
IPO News: Saudi Digital Security Firm Elm Soars in Riyadh Trading Debut - Bloomberg
Elm Co., a digital security firm owned by Saudi Arabia’s sovereign wealth fund, surged 30% in its trading debut.
The stock rose to 166.4 riyals ($44.3) on Wednesday, compared with an offering price of 128 riyals. The shares priced at the top of the range, with the Public Investment Fund raising $820 million from the offering.
The listing comes amid a rush of sales in the Middle East, part of an effort to deepen the region’s capital markets, and JPMorgan Chase & Co. and Citigroup Inc. are among those betting investor demand will keep the IPOs coming. Elm’s own offering drew $57 billion in institutional orders this week, almost 70 times the targeted proceeds.
The state-owned Public Investment Fund is expanding its foray into public markets this year by investing about $10 billion more into listed stocks. The Saudi Tadawul All Share Index is one of the best-performing gauges globally in 2022 so far.
Elm Co., a digital security firm owned by Saudi Arabia’s sovereign wealth fund, surged 30% in its trading debut.
The stock rose to 166.4 riyals ($44.3) on Wednesday, compared with an offering price of 128 riyals. The shares priced at the top of the range, with the Public Investment Fund raising $820 million from the offering.
The listing comes amid a rush of sales in the Middle East, part of an effort to deepen the region’s capital markets, and JPMorgan Chase & Co. and Citigroup Inc. are among those betting investor demand will keep the IPOs coming. Elm’s own offering drew $57 billion in institutional orders this week, almost 70 times the targeted proceeds.
The state-owned Public Investment Fund is expanding its foray into public markets this year by investing about $10 billion more into listed stocks. The Saudi Tadawul All Share Index is one of the best-performing gauges globally in 2022 so far.
Gulf bourses rise as Russia-Ukraine tensions ease | Reuters
Gulf bourses rise as Russia-Ukraine tensions ease | Reuters
Shares in the Gulf region rose on Wednesday, buoyed by global positive sentiment, as fears of a Russian invasion of Ukraine this week dissipated after Moscow indicated it was returning some troops to base in an apparent de-escalation.
Oil prices lost marginally to $93.90 a barrel at 0722 GMT, as investors gauged the impact of easing Russia-Ukraine tension against a taut balance between tight global supplies and recovering fuel demand.
Russia's defence ministry published a video that it said showed a column of tanks and military vehicles leaving annexed Crimea across a railway bridge after drills, adding that some troops would also return to their permanent bases. read more
U.S. President Joe Biden said on Tuesday that more than 150,000 Russian troops were still amassed near Ukraine's borders after Moscow's announcement of a partial pullback was met with scepticism.
Dubai's main share index (.DFMGI) rose the most, up 0.6% in its second straight day of gains, with nearly all stocks in the green.
Shares of National Central Cooling Company PJSC (Tabreed) (TABR.DU) were up marginally, after its Chief Executive Officer Khalid Abdulla Al Marzooqi said in an interview with Al Arabiya TV that the company was considering an acquisition in Oman and expanding into Egyptian and other Gulf markets. read more
In Abu Dhabi, the index (.FTFADGI) advanced 0.3%.
The Qatari index (.QSI) traded 0.2% higher, driven by Qatar Fuel and Industries Qatar (IQCD.QA).
Saudi Arabia's benchmark index (.TASI) was trading nearly flat.
Zain Saudi (7030.SE) shares rose 3.6%, after the telecommunications company on Tuesday approved final offers to buy stakes in Zain KSA's Towers Infrastructure.
Saudi British Bank (1060.SE) was up 1.1% after the company reported a profit for the full year.
Shares in the Gulf region rose on Wednesday, buoyed by global positive sentiment, as fears of a Russian invasion of Ukraine this week dissipated after Moscow indicated it was returning some troops to base in an apparent de-escalation.
Oil prices lost marginally to $93.90 a barrel at 0722 GMT, as investors gauged the impact of easing Russia-Ukraine tension against a taut balance between tight global supplies and recovering fuel demand.
Russia's defence ministry published a video that it said showed a column of tanks and military vehicles leaving annexed Crimea across a railway bridge after drills, adding that some troops would also return to their permanent bases. read more
U.S. President Joe Biden said on Tuesday that more than 150,000 Russian troops were still amassed near Ukraine's borders after Moscow's announcement of a partial pullback was met with scepticism.
Dubai's main share index (.DFMGI) rose the most, up 0.6% in its second straight day of gains, with nearly all stocks in the green.
Shares of National Central Cooling Company PJSC (Tabreed) (TABR.DU) were up marginally, after its Chief Executive Officer Khalid Abdulla Al Marzooqi said in an interview with Al Arabiya TV that the company was considering an acquisition in Oman and expanding into Egyptian and other Gulf markets. read more
In Abu Dhabi, the index (.FTFADGI) advanced 0.3%.
The Qatari index (.QSI) traded 0.2% higher, driven by Qatar Fuel and Industries Qatar (IQCD.QA).
Saudi Arabia's benchmark index (.TASI) was trading nearly flat.
Zain Saudi (7030.SE) shares rose 3.6%, after the telecommunications company on Tuesday approved final offers to buy stakes in Zain KSA's Towers Infrastructure.
Saudi British Bank (1060.SE) was up 1.1% after the company reported a profit for the full year.
Oil prices recoup losses as Russia-Ukraine tensions ease | Reuters
Oil prices recoup losses as Russia-Ukraine tensions ease | Reuters
Oil prices recouped losses on Wednesday after slipping more than 3% in the previous session, as investors gauged the impact of easing Russia-Ukraine tension against a taut balance of tight global supplies and recovering fuel demand.
Brent traded at $93.90 a barrel by 0722 GMT, up 62 cents, or 0.7%, having slid 3.3% overnight after Russia announced a partial pullback of its troops near Ukraine, yet to be verified by the United States.
U.S. West Texas Intermediate (WTI) crude was at $92.71 a barrel, up 64 cents, or 0.7%, after the contract ended Tuesday's session down 3.6%.
Both benchmarks had hit their highest since September 2014 on Monday, with Brent touching $96.78 and WTI reaching $95.82. The price of Brent jumped 50% in 2021, while WTI soared about 60%, as a global recovery in demand from the COVID-19 pandemic strained supply.
Oil prices recouped losses on Wednesday after slipping more than 3% in the previous session, as investors gauged the impact of easing Russia-Ukraine tension against a taut balance of tight global supplies and recovering fuel demand.
Brent traded at $93.90 a barrel by 0722 GMT, up 62 cents, or 0.7%, having slid 3.3% overnight after Russia announced a partial pullback of its troops near Ukraine, yet to be verified by the United States.
U.S. West Texas Intermediate (WTI) crude was at $92.71 a barrel, up 64 cents, or 0.7%, after the contract ended Tuesday's session down 3.6%.
Both benchmarks had hit their highest since September 2014 on Monday, with Brent touching $96.78 and WTI reaching $95.82. The price of Brent jumped 50% in 2021, while WTI soared about 60%, as a global recovery in demand from the COVID-19 pandemic strained supply.